Buying a new house can be quite a bewildering process. In addition to the many options that you have to choose from, making sure that you are being offered a reasonable price can be difficult. Living in Las Vegas is the ultimate dream for many; you can get easy access to the best entertainment venues the US has to offer. Not only that, but Las Vegas has many housing options too, from small condos, apartments, and houses to luxurious mansions in gated communities. It is mostly sunny there, year-round, and there are no state, city, or county taxes over there. Therefore, it comes as no surprise that many people are looking to relocate to Las Vegas. However, there are a few things to keep in mind when house hunting in Sin City.
You Should Be Ready to Make an Offer on the Spot
The home resale market in Las Vegas especially is very competitive. Many people could be making offers for the house that you are determined to own. Therefore, you have to be ready to make an offer right away once you find the property of your dreams. If you are taking a loan to secure the down payment, you have to be pre-approved for the loan to ensure that the home buying process runs smoothly, and to be taken seriously by sellers. You should also keep in mind that this process can take time. You have to be a qualified enough homebuyer with a good credit score or at least one that meets the minimum requirement, as well as using an approved lender to be able to receive a sufficient down payment to secure a home.
Comparing Different Properties
Before you make an offer, you should ask around and consult realtors to get an average figure for how much similar houses in similar neighborhoods have recently sold for. The listings over at Las Vegas Homes By Leslie show that you can find several similarly priced homes if you look hard enough. This is a must to avoid undervaluing the house and making an offer that is too low since houses valued at $350 thousand or under are in very high demand. If you do not have an agent yet, you can check out websites that will let you in on the current prices. When making an offer, you have to keep in mind that sometimes the house will cost more than what you are willing to pay. At the end of the day, it is up to you to make compromises.
You should also be aware that your lender will not lend you any more money than what you had set your mind on in the first place. This is because, before your lender pre-approves the loan request, they will analyze your financial abilities and history and approve a certain amount of money that they would be willing to commit to financing you. It is recommended that your offer does not include requests for any repairs in the house nor depend on the sale of your current place. When trying to get your lender to approve your loan, you should participate in the process and provide them with helpful documentation. This will help speed up a process that can take up to weeks, which is something that you can’t afford in a highly competitive market.
Budget and Payment
To be able to handle the costs of living, you should set a realistic budget, to begin with. The most common way of setting a budget or finding out how much you can afford to pay for a home is ensuring that your mortgage payment takes up to 25 – 30% of your income. However, beware that 30% can be too much for some people. To make sure that you can handle whatever amount you settle on, you should account for all the bills, expenses, and utility cost depending on the area and size of your new home. You can also estimate the amount of money you would have to pay each month on the balance of a loan excluding the down payment.
You should talk to your lender and consider a down payment program, as well as figure out a way to avoid large down payments. Try to pay a 20% down payment since it will more likely appeal to your lender, in addition, loan products with that amount of down payment are easier to receive if your credit score is not that good. If you can’t secure that much money for a down payment, there are still many ways in which you can get a house, though you will have to pay for private mortgage insurance in addition to a slightly higher interest rate. Try to get a real figure of moving costs, closing costs, and inspection and appraisal payments from your lender to be prepared.
Which Area Should You Live In?
Deciding which area to purchase your home in can depend on many factors. Las Vegas as a whole provides many amenities and entertainment options. So when picking a home you have to consider its proximity to your workplace, friends, and family. Figure out how much time it would take you to get to work and back during rush hour and use your preferable commuting method. Afterward, you can compare the available amenities in the most suitable neighborhoods- distance wise.
Generally, The Strip is considered to be one of the best areas to live in. It is right in the center, donating to the big-city feel. You can get access to shows, restaurants, and casinos, as well as many vacation rental options since it is always bustling with tourists. Though The Strip area can be very costly to live in, and most of its housing options are luxuriously built. The downtown area was famous during the 50s and the 60s, and although it hasn’t been as popular ever since, it is getting revitalized. Some of the best restaurants are located there, and older buildings are being turned into more interesting spots like tattoo parlors and coffee shops. The building styles in the Arts District are a combination of old Vegas and new Southwestern. While it is still in the heart of city life, it is a more aesthetic, artsy area with small art, clothing, and furniture boutiques. These are just a few of the many awesome areas in Las Vegas.
When purchasing a new home, there are several things that you should keep in mind. The neighborhood should be safe, relatively near your workplace, friends, or family, and provide the amenities that you need. It should also be affordable and within your budget. There are also many things that you need to get a headstart on, such as having your lender’s pre-approval and making attractive offers to the sellers.